eToro Gains CySEC Approval to Register as a Crypto Asset Service Provider in Europe

The Cyprus Securities and Exchange Commission (CySEC) has granted approval to eToro, a crypto-friendly trading and investment platform, to register as a Crypto Asset Service Provider (CASP) in Europe. This approval is a significant milestone for eToro, positioning it to extend regulated crypto services across the European Union (EU) following the establishment of the Markets in Crypto-Assets Regulation (MiCA) framework in December 2024.

Broadening Horizons Across 27 European Countries

According to a press release on September 21, eToro disclosed that the MiCA-approved registration would facilitate the firm in offering diversified crypto asset services across all 27 EU countries through a singular entity, eToro (Europe) Digital Assets Ltd. This development is pivotal as the MiCA regulatory regime mandates a unified authorization system for granting Web3 and digital assets permits, allowing service providers to operate throughout the EU after obtaining a valid license in any member country.

Dr. Hedva Ber, eToro’s Deputy CEO, expressed enthusiasm over the approval, emphasizing the strategic importance of entering the European market where a majority of eToro’s customers reside. “We are fully prepared to embrace the new crypto era post-MiCA’s enactment next year. Being a globally regulated entity, we anticipate the enhanced security and certainty that MiCA will bring to consumers and credible businesses in the crypto sector,” stated Ber.

Strategic Move Towards Global Dominance

This approval from CySEC is a continuation of eToro’s regulatory accomplishments, following a similar endorsement in Spain, allowing the company to offer virtual currency exchange and electronic wallet custody services. eToro has also received approvals from various global regulatory authorities, including the U.K.’s Financial Conduct Authority (FCA), the Australian Securities and Investments Commission (ASIC), and the Gibraltar Financial Services Commission (GFSC).

Conclusion

eToro’s registration as a Crypto Asset Service Provider in Europe marks a crucial step in its global expansion strategy. The approval by CySEC, coupled with the impending establishment of the MiCA regulatory framework, is set to bolster eToro’s presence in the European market, enabling it to offer a plethora of regulated crypto services to its extensive customer base in the region. This development is not only a win for eToro but also signifies the evolving regulatory landscape in the crypto domain, promising enhanced security and certainty for both consumers and businesses. The ongoing regulatory endorsements across various jurisdictions underline eToro’s commitment to compliance and its ambition to establish a dominant presence in the global crypto market.

This article is for informational purposes only and does not constitute trading, investment, financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs involves significant risk of loss.